Macau has moved a step closer to the potential introduction of a digital currency as it seeks to better combat money laundering and tax evasion in the world’s biggest gambling hub.

The government plans to amend laws to regulate the issuance of a virtual legal tender, Chief Executive Ho Iat Seng told lawmakers Tuesday. The government will work with China’s central bank to “study the feasibility of issuing a digital currency,” he said.

Although no formal plans have been announced on whether or how a digital currency would be implemented, some junkets -- businesses that act as middlemen for Chinese high-rollers who make up half the city’s gambling revenue -- are worried the imposition of a traceable, government-linked currency will be the death knell for an industry already hobbled by the virus and stricter rules around high-stakes gambling. 

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook